$ADA’s Top Whales Have Returned to the ‘Largest Percentage of Supply Held in 2 years.’
While the price of Cardano ($ADA) has been falling in amid the wider cryptocurrency market decline, which has seen the space’s overall market capitalization lose over $170 billion in value, its top whales have been accumulating it over time.
While ADA is currently down dramatically from its all-time high of $2.9, whales holding over 10 million ADA tokens have “returned to their greatest share of supply held in two years” at 46.6 %, according to data from on-chain analytics firm Santiment.
According to Santiment‘s statistics, whales have been collecting since February 2021, when the cryptocurrency’s price reached an all-time high before falling back to the $1 mark.
Santiment pointed out that its data included wallets from large cryptocurrency exchanges, implying that the funds also represent the holdings of these sites’ users. Earlier this month, data from the same business revealed that Cardano addresses holding between $100 and $100,000 in the network’s native token saw their share of ADA supply reach an ATH.
According to its data, Cardano addresses with less than $100 in ADA and up to $100,000 in ADA have regularly accumulated over time. Addresses worth more than $100,000 but less than 10 million ADA appear to be liquidating their holdings.
As Cardano adoption expands, the network’s “mid-tier” and top whale accumulation increases. As previously reported, the number of wallets holding ADA has increased by over 500,000 years so far, with 453,000 of those wallets being created in the first quarter of the year.
According to Kraken’s March 2022 crypto on-chain digest, on-chain indicators indicate that “prospects are bright” for Cardano since the demand for it has increased over time. According to Kraken’s research, Cardano transaction fees have grown “approximately 51.5 % from $0.33/tx [transaction] year to date.” Transaction fees “are a proxy for network demand,” and while “blockchain demand is beginning to climb after a sabbatical this year,” Cardano is leading.
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